Donald Trump Investing In Middletown

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   Former Cinergy building sold for $5.8 million
Deal won’t impact operations at Cincinnati State Middletown
Headache. Ohio allowing HEP to make 50% off each student, and HEP's break even 300 students, not 3000?
Interesting to get behind the curtains on these deals. This one can be looked at, curious to see what the HEP/ Cincinnati State margin to HEP to be. Nice 30 year firewall. Just as planned.

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RICK McCRABB/STAFF

Higher Education Partners 
sold the building that houses Cincinnati State Middletown, 1 N. Main 
St., for $5.8 million. HEP said it has spent $5.5 million renovating the
 building and purchasing equipment. The college will continue operating 
out of the downtown building, officials said.
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        Nick Daggy

The sale of the former 
Cinergy building (right), where Cincinnati State Middletown is located, 
will allow High Education Partners to continue renovations and start 
remodeling the former Middletown Area Senior Citizens Center. STAFF / 
NICK DAGGY

                  By Rick McCrabb

                    Staff Writer

MIDDLETOWN — 
The
 sale of the former Cinergy building, where the Middletown branch of the
 Cincinnati State Technical and Community College is located, will allow
 High Education Partners to continue renovations and start remodeling 
the former Middletown Area Senior Citizens Center, an official told the 
Journal-News on Monday.
Michael Perik, chief executive officer of 
Higher Education Partners (HEP), said the building at 1 N. Main St. was 
recently sold for $5.8 million, or $5.6 million more than it was 
purchased for more than two years ago. But he was quick to point out 
that HEP has spent $5.5 million renovating and purchasing equipment for 
Cincinnati State Middletown.
He said HEP also paid off a $1 million loan from HUD.
Now
 with the money from the purchaser, Store Master Funding, which is based
 in Scottsdale, Ariz., HEP can continue expanding in the Middletown 
market, Perik said. He said renovations of the former senior citizens 
building will begin soon and hopefully be finished in time for next 
fall’s classes.
Michael Chikeleze, director of Cincinnati State 
Middletown, said the sale of the building will not impact the daily 
operations of the college.
Jean M. Manning, vice president of 
marketing and communications at Cincinnati State, said the college was 
pleased with HEP and its “continued commitment” to provide the 
environment necessary to educate more students as enrollment continues 
to grow. She noted that Cincinnati State never owned the buildings, and 
HEP consulted with officials at the college about the sale that was 
approved by the college.
Also, she said, the sale guarantees the 
college’s right to utilize the buildings for 30 years, up from the 
original agreement of 20 years.
HEP purchased the building from the city for $202,000 in April 2012.
In October 2011, the city purchased the former CG&E, Bank One, First National, and Masonic Temple buildings for $300,000.
On
 April 5, 2012, Cincinnati State and Higher Education Partners finalized
 a contract to bring the county’s first community college to downtown 
Middletown. The deal had Higher Education Partners funding the 
construction and conversion of two buildings into a community college 
campus for the Clifton-based Cincinnati State. The 20-year deal between 
the two had four five-year extension options.
A week later, 
Middletown City Manager Judy Gilleland signed off on selling the former 
CG&E building and donating the former senior center to Higher 
Education Partners.
Gilleland said she was “extremely happy” that the building was sold and there was “a positive outcome.”
She added that the “system worked ideally” because the city had limited involvement in the deal.
“Isn’t that how it’s supposed to work?” she said.

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acclaro Members Profile Send Private Message Find Members Posts Add to Buddy List Prominent MUSA Citizen Joined: Jul 01 2009 Status: Offline Points: 1878	Post Options Post Reply Quote acclaro Report Post Thanks(0) Quote Reply Topic: Donald Trump Investing In Middletown Posted: May 05 2014 at 9:17pm
	Former Cinergy building sold for $5.8 million Deal won’t impact operations at Cincinnati State Middletown Headache. Ohio allowing HEP to make 50% off each student, and HEP's break even 300 students, not 3000? Interesting to get behind the curtains on these deals. This one can be looked at, curious to see what the HEP/ Cincinnati State margin to HEP to be. Nice 30 year firewall. Just as planned. View Larger RICK McCRABB/STAFF Higher Education Partners sold the building that houses Cincinnati State Middletown, 1 N. Main St., for $5.8 million. HEP said it has spent $5.5 million renovating the building and purchasing equipment. The college will continue operating out of the downtown building, officials said. View Larger Nick Daggy The sale of the former Cinergy building (right), where Cincinnati State Middletown is located, will allow High Education Partners to continue renovations and start remodeling the former Middletown Area Senior Citizens Center. STAFF / NICK DAGGY By Rick McCrabb Staff Writer MIDDLETOWN — The sale of the former Cinergy building, where the Middletown branch of the Cincinnati State Technical and Community College is located, will allow High Education Partners to continue renovations and start remodeling the former Middletown Area Senior Citizens Center, an official told the Journal-News on Monday. Michael Perik, chief executive officer of Higher Education Partners (HEP), said the building at 1 N. Main St. was recently sold for $5.8 million, or $5.6 million more than it was purchased for more than two years ago. But he was quick to point out that HEP has spent $5.5 million renovating and purchasing equipment for Cincinnati State Middletown. He said HEP also paid off a $1 million loan from HUD. Now with the money from the purchaser, Store Master Funding, which is based in Scottsdale, Ariz., HEP can continue expanding in the Middletown market, Perik said. He said renovations of the former senior citizens building will begin soon and hopefully be finished in time for next fall’s classes. Michael Chikeleze, director of Cincinnati State Middletown, said the sale of the building will not impact the daily operations of the college. Jean M. Manning, vice president of marketing and communications at Cincinnati State, said the college was pleased with HEP and its “continued commitment” to provide the environment necessary to educate more students as enrollment continues to grow. She noted that Cincinnati State never owned the buildings, and HEP consulted with officials at the college about the sale that was approved by the college. Also, she said, the sale guarantees the college’s right to utilize the buildings for 30 years, up from the original agreement of 20 years. HEP purchased the building from the city for $202,000 in April 2012. In October 2011, the city purchased the former CG&E, Bank One, First National, and Masonic Temple buildings for $300,000. On April 5, 2012, Cincinnati State and Higher Education Partners finalized a contract to bring the county’s first community college to downtown Middletown. The deal had Higher Education Partners funding the construction and conversion of two buildings into a community college campus for the Clifton-based Cincinnati State. The 20-year deal between the two had four five-year extension options. A week later, Middletown City Manager Judy Gilleland signed off on selling the former CG&E building and donating the former senior center to Higher Education Partners. Gilleland said she was “extremely happy” that the building was sold and there was “a positive outcome.” She added that the “system worked ideally” because the city had limited involvement in the deal. “Isn’t that how it’s supposed to work?” she said.
	'An appeaser is one who feeds a crocodile, hoping it will eat him last.' - Winston Churchill

acclaro Members Profile Send Private Message Find Members Posts Add to Buddy List Prominent MUSA Citizen Joined: Jul 01 2009 Status: Offline Points: 1878	Post Options Post Reply Quote acclaro Report Post Thanks(0) Quote Reply Posted: May 06 2014 at 9:34am
	This situation is about as bizarre as they come. HEP sells computers, renovations, and a HUD bank loan bundled into a property deed. How can a property have assets having nothing to do with a building, be sold as a building, which raises property values on commercial property. There should have been two contracts. One for the buildings. A second one for computers, loans, and renovations that are physically not part of the building. Computer assets can be moved into another location, so it artificially raises value. So HEP is going to lease the buildings and computers from Stone to meet its contract obligations to Cincinnati State. Accounting nightmare. Obviously, HEP losing money and State not enrolling numbers anticipated.
	'An appeaser is one who feeds a crocodile, hoping it will eat him last.' - Winston Churchill

over the hill Members Profile Send Private Message Find Members Posts Add to Buddy List MUSA Citizen Joined: Oct 19 2012 Location: middletown Status: Offline Points: 952	Post Options Post Reply Quote over the hill Report Post Thanks(0) Quote Reply Posted: May 06 2014 at 11:38am
	Well if you decide to buy one of the buildings downtown I guess it will cost you more if you have an appraisal because if they use comps in the area what will a 5.8 million dollar sale do to the price? Do you call it falsely inflated property values? This should be interesting.

Vivian Moon Members Profile Send Private Message Find Members Posts Add to Buddy List MUSA Council Joined: May 16 2008 Location: Middletown, Ohi Status: Offline Points: 4187	Post Options Post Reply Quote Vivian Moon Report Post Thanks(0) Quote Reply Posted: May 06 2014 at 1:04pm
	Gilleland said she was “extremely happy” that the building was sold and there was “a positive outcome.” She added that the “system worked ideally” because the city had limited involvement in the deal. “Isn’t that how it’s supposed to work?” she said. No, Miss Judy, this is not how the system should work. If this was such a GREAT THING that HEP-CS had sold the CG&E building for 5.8 million dollars…why didn’t anyone know?…not even the movers and shakers of Middletown knew of this GREAT DEAL…not even Judy Bober, Assistant Director of Cincinnati State, knew that this GREAT DEAL had occurred on April 23, 2014.

Vivian Moon Members Profile Send Private Message Find Members Posts Add to Buddy List MUSA Council Joined: May 16 2008 Location: Middletown, Ohi Status: Offline Points: 4187	Post Options Post Reply Quote Vivian Moon Report Post Thanks(0) Quote Reply Posted: May 06 2014 at 4:41pm
	Well, well, well…what do we have here? It seems that it was just two short weeks ago that City Hall was ready to sell Bank One, the most beautiful building in the downtown area, with 22,713 sq. ft. of space, to TOAST OF TOWN for the bargain basement price of $135,000…without getting an appraisal, using emergency legislation, and without allowing other bids as required by law. Gee…I can’t wait to see what Bank One will sell for now that we have a 5.8 million dollar building on the other corner.